In its continuing effort to pare down debt and shore up its domestic exploration and production program, El Paso Corp. on Monday announced that it has agreed to sell almost all of the rest of its Asian power assets to a subsidiary of Globeleq Ltd. for $109 million.

The assets to be sold include power plants in Pakistan, Indonesia, Bangladesh and the Philippines. El Paso did not disclose the number of plants to be sold, but it said that with the latest transaction, it has contracted or sold all but one of its Asian power plants, with total expected proceeds of $464 million. The transaction is expected to close in the fourth quarter.

These sales, the company said, are part of a plan to reduce debt, net of cash to $15 billion by the end of this year. Since mid-March, El Paso has announced or closed $0.7 billion of its targeted $1.2-1.6 billion of asset sales.

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